1956-05-09 — Page 9

TRADE

THE CHINA MAIL,

and

WEDNESDAY, MAY 9, 1956.

COMMERCE

SECTION

The Russian Gold Puzzle PS-No Groundnuts

WORLD

COTTON MARKETS

New York, May 8. Cotton Futures trading today continued at a creep- Ing pace with prices sub- merged just below the pre- vious close most of the limo.

AL the close the list ruled p

bo off 12 polnits. Openingt prices were up i to off 7 points. New Orivons clowd up 3 to B points.

The best part of a small busi- ness criginated asong profes. sionals, with spot Interets, mili accounts, Joes) iradees and com- mlaston houses drifting in-and- cut of the market witje watching for

new incentives. Uncertainties surrounding far legislation WIS

WIR

matched with

quest lis about Government policy on raw colton exports. Traders understood CONETOS slonal pressure has been exorted on the Department of Agricul- ture to press the sale of surplus ruw cotton

prices,

Cotton

པ་་

potary

sinto

told

competitive

senators ru-

Agriculture

Inst

Bertson that

cents 1

weckt's price of 27.90 pound for 15/10 middling was kewer than the average price.

The Government weekly crop sald ulmost daily

summary

showers in eastern belt sections

delay ed

planting.

EL

moisture

beneficial

stantial

but sub-

very

In

European Coal

Shortage

Doal still

Strasbourg, May 8. Shortage of overshadow the general industrial situation In Europo, M. Rene Mayer, president of the European Coul-Ster: Pool' high Aynudity, sold here today.

high authority priority task In to ensure adequate coal supplies, he fald

the Parliamentary assembly of the six-nation pool.

Expansion In the In- dustries of the pool was continuing and the "do- mand for steel and coal be Just an vigorous and press- Ing

ever," AM

he mid

M. Mayer Bald he wanted a turi agreement between British and Com- knot wealth steel markets and the pool nation%= France, Belgium, Belland, Italy, West Germany, and Luxembourg,--China

Majl

Special.

WORLD

RUBBER

MARKETS

New York, May 8. Tho No. 1 Rs rubber

45

fur stimulating futures contract today gennination al growth cise-

closed

to 65 points where especially in Texas.

higher with sales of 189 the far southwest, warm weather

favoured completion contracts.

The standard contract closed germination and growth of 50 to 65 points higher with sale

of planting and stimulated i

cotton.

The gerlifeated stock totalled 12,430 bales.

Open interest

05,400

Morsth

Volume

May

11.200

July

13,000

20.800

10,000

311,100

Dec

in 300

421.300

Mar

13,900

188,500

May

4.100

130,300

July

L-OU

106,400

Oct

100

0,300

Total

78.900 1,330,100 Lates

NEW YORK

of four contructs.

dustry.

Montagu Estimates

Annual

Output 10m Ounces

London, May 8.'.

Now that Samuel Montagu have committed themselves to an estimate that Russia has an annual gold output of more than ten million ounces and reserves of about 200,000,000, it commands more respect than when propounded by other people who know so much less about gold.

Some British officials believe Russia has huge gold reserves and could finance any enlargement of imports by drawing on them.

remains that there

The fuct la no dirvet evidence.

The Russians themselves have never claimed to poSKUGA such texts,

Not-Russion bellevers in

any

the

big figures suggest that Moscow May tear

Washington

would

[em masukce difficulties for Russian gold sales.

has never

of

Yet Washington done so. It has even accepted Russian gold after removal Soviet markings. Washington canont reject gold without pre- Judeing the dollar,

Always Sparingly

Chicago Grain

Futures Weak

To Heavy

ELABOCI

ORTHERNA THODESA

ACKES UNDERGROUNDHEITE? KON

BACK POSLOPMENT

170 BOAGNUM

YIKA

最初

MAKING

B014

7,310

BACKLIS WIĘ

HOYA BIANG

MOZ

ALL over the worla science is elzahl

LOU

inwa. Wharves and conquering evils that have roads have been bullt. Urambo beset mankind for centuries. railway station-closed down in But certain areas stili dety the 1913 has been re-opened. selentist

Innumerable experiments have Tanganyika, Lor instance, been made with a great variety

groundnuts | of crops. 11 1947-8 But groundnuts have almost of pounds were spent faded from the pleture. They on ambitious plans to open up are still grown, but only as one the underdeveloped areas of of a number of crops, under a Tanganyika

and Lo grow system of rotation-mulze, soyu groundnuts - one of the chief | beans, tobacco und sorghum ingredients

margarine and plant yielding sugar).

Remember the scheme there? millions

cooking fats.

It was at

of

first

acros

of virgin

planned to Tse-tse scourge

area.

mechanised

(a

US RAIL STOCKS HIT NEW HIGHS

New York, May 8.

Rail stocks, with gains ranging over a point, featured an irregular, moderately active market early today.

Rails, climbing to further new highs, since October 1929, featured gains of 1% points to $167 in Santa Fe, 1% to $62 in Atlantic Coast Line.

Selected oil shares countered | Goodrich (D. F. Co.

the generally casier trond in industriala, Warron Petroleum

climbed 2 to $102, a new top. Sinclair added a point to $724. Barbed Oil to $71. Gulf Oil 4 to $128, with the last mov- ing up sharply after an opening loss of 1 points.

Eastern Pipe boistered utilities and they closed up 9.07. Of

Goodyear fire

Heyden Cherrucal

Ioinstake Mining Co.

persoll-Rand

Inland Steel Co. Interchemical Corp, Int'l Husness Machine Int'l Harvester International Nickel International Paper Int'l Tel & Tel Kanan C. Power & Light Jonn-Manville Co. Kennecott Cupper

total 1,173 Issues traded, 551ggett Meyers Tob. Co

were lower, 301 higher on the Lockheed Aircraft day. Turnover eased to 2,440,000 Low Incorp..... shares from 2,550,000 yesterday. Louville & Nashville B.

Lone Star Cement Co.

Lowerustein & Bone Sharp Gainer

Mesabi Iron Corp. Minnesota Mining Mission Development Monsanto Chemical Co. Studebaker-Packard, a sharp Montgomery Ward gainer and most active Issue Motorola Inc. yesterday, continurd In de National Cash Reg. "K" mand as rumours persisted the

National Dairy Prod. National Load company soon. is to be takon Nottunai Steel Corp. over by Curtiss-Wright. It re- New York Centrai covered all but % point of

Olin Malhieson al Oils Elevator initial wider loss on realising Owen-mode Class and headed the active list again. | Paddle Gas &c Bec, General Motors followed in the Paine Western Oli nctives. G. M.. Chryster and Ford all were fractionally lower.

Losses in oils, later in the day, ranged to almost 3 points in Royal Dutch.

Allied Chemicals, selling ex-

In stects, Bethlehem, a sharp Joser yosterday, fell nearly 2 paints more, US Steel declined a fraction.

Pan American Airways

Paramount Pictures

|

Parke Davis Co.

Penny J. C. Co. Penn. Salt Co Philip Morris Procter & Gamble Co. Pittsburgh Plate Glass Publicker Industrion Pure Oil.......

Chiengo, May 8. plant 000,000 Grain futures prices were soil 420,000 of them in the

Only with great difficulty are mostly weak to heavy on]

Under the any of these crops grown. Nachingwen

In Food Corporation the Nachingwea, the red boll worm!! Overseas the Board of Trade today, scientists went to work, bent on has stopped cotton growing: in dividend, and Du Pant cach lost Radio Corporation with nearby soybeans lead-"Investigating the economics of Kongwa, locusts have infestext around 2 points. As Jourders and arts take 11 million ounces annually and asing the decline.

agriculture cultivated arca

of 55 square all the rest of the world out- Sciling nearby soybean under tropical conditions"

miles; and in Urambo a plant put in recent years

discase has gone futures was due mainly to lower

called rovello has oll futures, although

Now a town | banished groundnuts altogether. elsewhere than Washington, why edible

weather was ako a factor, and

In all three arces tse-lse flies should Russia care?

brought soiling into all grains Last week the

almost O.F.C. pub- make Uvestock farming except outs, which remained lished the last of its anuual re-impossible, and droughts or about steady.

ports (it has now handed over tropical rains are apt to ruin His activities to the Tanganyika acre on acre of crops Agricultural Corporation). What The Anal report of the Over- results does that report show? sena Food Corporation is like a Nachingwea, formerly a small port_scriptum, P.3.-no ground- group of native huts, is now anuts!

Morrow has never acted as if it possessed such huge means of payment.

Over the past ten years it has sold an average of less than one inillion ounces unnually.

TC-

Covering credited to specula- tive interesis braced the market

Exporters this morning in the afternoon following earlier

ported sale of 380,000 bushels of easiness in company with Landon

US soybeans to Japan. Large and news of additional labour

Over the past three years the purchases by Japun and France loyalīs in the automobile insules have averaged two million are expected tomorrow, with the ounces and always sparingly and latter slated for 4,500,000 bushels apparently necessitous.

of US wheat, Greece today re- Ordinarily, one would sup-quested offerings on about pase the moderately larger sales 575,000 bushels of wheat to be since late 1953 included some submitted on May 14, accumulation from the previous six years when Moscow virtually none,

in the shipment market, “fair- sized"

quantities of four and five sheets were reported from Siam at "discretionary" prices, along with three and four ambers from Prices of futures closed today Indonesia at "reasonable" prices. Spot No. 1 Rss was quoted Dorinally at 30% cents a pound

DS follows:

spot

May

July

Det

Mar

May

July

Oct

NEW ORLEANS

Prices of futures closed today.

in cents per b. as follows:

Spot

May

July

Dec

Mar

May

July

SINGAPORE

Other Hardships

sold

Wheat closed off 1% cents; soybeans off 4% to up 11⁄2 cents.

CLOSING PRICES

Prices per bushel in cents; Wheat, No. 2, red

London Stock Market

Rather Ragged

Stocks turned in a ragged London Exchange today, with 154-164jority at the close. 155-15 Precautionary selling hit most)

154-105

30503

Futures:

33.53

323A

No.

RES

23 38

$2.00

July..

12 12

September

31.30.01 20.0-YU DU 20.70-7A

2187

December

24.90

Standad contrari

Miny

20.71

July

29.85

The Soviet representatives London recently did not say that Russia could or would pay in gold for the proferred larger orders, not even for strategie

in

Spot

May 2281) 224(L).

2241

July

20424-2

Sept.

Nov

2002 2020

Зал.

230

September

29.60

goods.

Corn, No. 2, yellow

Spot

December

20.30

401

March

20.00

Mary

27.20

30.07

$2.40

32.60

labour

33.53

31.60

30.00

On the contrary, they would have to carning more sterling from larger Russian exports. Soviet gold sales were mainly to finance the ex- ceptional sugar purchase to re- love hardship for Soviet con-

They sald

May

July

pay by

Sept.

Μαν.

142

Jas.

last

Bre

year

May

14511

12015

July

Oats

May

073%-00

July

074-34

Soybeans, No. 2, yellow

May

June

20.00

23.35 30.25 27.80 Nn. 3

May

20.00

May

rubber

July No. 2 ruliber per 1.

rubber per

per ib.

2741-077 4715-874

Eastern unquoted

Spot

319-16

May

July

Sept.

8514-0014

63!4-86

83-8311 8732-877% 701-811 10536-10531

270-2764

Nov.

Yet, Moscow did nothing the sort even during Mr Malen- kov's policy of relieving strain an consumers.-China Mail Special.

of

Jali Barley,

2501-15 2011⁄4-

Spot

130-1400

the New York flour

$13.60m

Future closings, in pence per

the After opening higher on

situation the market sagged rest of the day on poor support and yelling. There was ttle trade support at the close,

Futures: No. 1 rubber

1. per

LIVERPOOL

1b. were as follows:

Old contract May/June

July/Aug

Dec/Jan.

Mar/Apr.

New controck Juży/Aug.

DA/NOV

Egyptian Kamak May/June

SAO PAULO Future closings, in

23.00 No. 4

67 26

cruzeiros

per kilo were as follows:

May

unquoted

30.03

December

30.3

March

34.99

October

In the US the average price o 15/16 middling cotton

May

Spot rubber unbaled

Blanket crope

No. I pale crepe

LONDON

The market was barely steady with spot quoted of 25% ponce per lb.

Prices.

Settlement house term:

No. 1 Ras apoi

at 14

wps

designated spot markets 35.44 cents. Sales totalled 6,761 boles.-United Press.

London Foreign

Exchange

New York'. Montreal Amsterdam Copenhagen

Frankfurt

Mitan Paris

London. MAY D. 3.801-3.80-18/10

2.70-1710-271-15/16

10.07-10.074 19.397-19.30 21.7315-11.75). 175534-1756

00516-00511

Others were unchanged

United Press,

June

July/Sept.

Oct./Dee.

May

2591-26

23-254%

2335-22312

2432-23

2414-23

Joy/Mor General marketa cif base, porta:

2315-2032 2514-231

2016

Sune July Estate orpe thin May 30

thick unquoted.

ADISTERDAM The market was quiet. Prices closed todity in guilders per kilogram, clf May, as follows:

No. 1 rubber

2.40 paid No. 2 rubber

2.40 puid No. 3 rubber

243 pald No. 1 crepe

2.88 nom.

United Press.

Humers.

Many other hardships and difficulties in Russia, China and Europe could easily have been reloved by using a small fraction of the alleged gold board.

US COTTON

200 lb. spek

WINNIPEG PRICES

Winnipeg. May 8. Prices of grain futures closed

cents Loday In

PCT bushel as follows:

CROP SIZE

Date

May

July

Oct.

FIXED

Doc.

Ryd

May

July

Washington, May 8.

Oct,

Doo.

The Agriculture Depart Barley ment today fixed the size of the 1955 cotton crop at 14,721,000 bales.

May

119%

July

Dec.

1011

་

Flaxseed

May

July

Oct,

New York Foreign LONDON METAL crop value

Canada

Australia

Exchange

New York, May .

.... $1.00% MODIS England 30-day futures

2.24 2,00 281-1/10 020015 2014

New Zealand

South, Atrich

Bellum

folland

"United Prem.

NEW YORK METAL FUTURES

New York, May 8. Prices of metal duitürew closed

PRICES

London, May B.- The tin market was easier this afternoon. Prices closed in sterling per long ton as follows: buyers wollen 740 100 74011 74715

Tin spot

3-month

Copper spat

The value of the crop, based on the season average price ta May 1 of 32.4 cents a pound, is about $2,302,000,000,

Thla compares with 1054 of $2,301,000,000. The 1894 avougo price was 33.61 cents a pound,

The 1996 crop estimate, basci en actual ginnings, comparts with production of 13,690,000 bales in 1954 and a 10-year. averale output of 12,952,000 500-pound bales.

SEED

COTTON

42214

Deo. Wheat.

northern, was at 18 cena: No, 133 corts.—United Press.

NEW YORK OIL AND SEED

New York, May 8. Prices of eptiopod oil futures cloedd, today in cents 'per. Ib. as follows: MERY... SORBONN Average y

September price received by farmers for October cottonseed was $44.00 a top, December:

valued productions

at Fanuary $200,000,000, For the 1984 MAY

35 342

349

343

The 1955 110

300

3-inonili Lend ist half May 21014

Aug... Zipe, 1st half May.. 04

95 Aug.

03 United From

CHICAGO LARD FUTURES

with

MATOR

17.13 17.74-70 17.38-14 30.00 74.82

15.67

of the list in the forenoon, and only modest support managed to ft scattered issues later in the day.

Industrials drilled

quietly.

Unilever dropped more than a shilling and British American Tobacco almost as much, but Rells-Royce bounced ahead on American buying, adding about three shillings.

Oll issues enard, although Royal Dutch and Shell Trans-

London, May 8.

Now York Stock Exchange

bond volume was $4,380,000.

American Stock Exchange volume was 1,010,000 shares,

Dow-Jones

were:

30 Industrials

20 rutie

14 utilities

44 stocks

Republic Steel Reynolds Metal Shell Oil Co. Saint leg. Paper Sinclair Oil socony Mobiloli South Puerto leo Bugar Southern National Gas Southern Railway (Com.) Standard Brands Standard On of Cai Stanztard Oil of Ind. Standard Oil of N.J.

closing averages Sterling Drug Co.

Stokely-Van Camp. Studebaker-Packard Corp.

500.13 Swice & Co.

179.37 Taxes Co.

68.00 Tide Water Ann. Oli

Twenty Century Fox Film", Unfor Carbide

163.45

Union Pacifle Railway

United Aircraft

U.S. Gypsum

U.S. Line Co.

U.S. Rubber

Smelting

40

bonds

0178

Comm. future price index ..

142.30

Closing Prices

Allied Chemicals

#12

Ailled Mila Inc.

30-1

| Aille ChaĪTIETO

8th

| American Airline

American Calze & Radio Corp.

Woolworth

| American Cyanainisle Co.

Am. Mach. & F'day American Smelting American Tol & Tel.

performance on the American Tub. "D"

small losses in

ma-

HONGKONG

STOCK EXCHANGE

(From Our Correspondent)

ap-

Anaconda Coppar Armco Steel Armour

Elaldwin-Lima-Hain. Baltimore & Ohio.... Bendor Aviation Corp. Blonguet Coms.

Bethlehem Steel

Boeing Airplane Borden (Tho) Co. Burroughs Add Machine Canadian Paclite R. Caso (J. 1.3 Cp. Cat. Tractor

Coinnes Corp.

C. I. T. Financial Corp. Chase Manhat. Bank Chrysler Motors Colgate-Palmolive Co. Commercial Credit Commonwealth Elec. Consolidated Edison xu. Continental Oll of Del. Crane Co.

Crown Zellerbach Cuban Amer. Sugar Diamond Alkali Dow Chemicala Dupont do Nemours

Eastman Kodak

El Paso National Gas Noon Erie Railroad

Family Finance Corp. General Electric

port were morning features. Business done on the Hong- Then they both slipped back. kong Stock Exchange this Losses run to two shillings or morning amounted to more among the other oils.

$370,000. proximately

and the morning's quotations Defaulted Balile bonds again found speculative support and transactions:

SHARES BUYERS HELLERE BALES soared £3 and more. Germans |HANICS

JIK Book ... 1645 155 20 4 1070 and Japanese moved narrowly In an otherwise inactive fortign drpartment.

East Aria

10 or 1

230

INSURANCES Valon KD Lombard

601$ CO GO

17. 00

British Government stocka retreated quietly, but hold their losses to around £% of £1/10, DOCKS, ETC.

K. Wharf ..... DIG 83 400 (+ DZ Dook Wheelock... Gold and copper shares rulled

8.45 8.43 8300 ų 6.00 after

easier. Deliar LAND, ETC, opening

Hi Hotel 13.00 13.00 stocks lost up to 2 In line with

HIK Land 43 635 100 Wall Street's lower levels--

200 44 634) United Press,

New York Sugar Market

Now York, May 8. World No, 4 sugar futures to- une day closed unchanged to point lower with sales of 61 con- tracts.

Domestic No. 6 sugar futures point closed unchanged to 1 higher with sales of five con- tracts.

...

Activity was not broad chough

Healty to...... 1/4734. ·3,80 NUBDER

A. Rubber 13714 14244 1305 @ 140

Trust

UTILITIES

1050 0 140

2000 @ 1.75

Tram 22.79 22.00 726 ON 22,70 Star Ferry ........ 134

Y'mat Terry

10 104 300 103

C. Light (0) 2234 23.00

C. Light (N) 19.60 20.20 300 ₫ 19.00 Electro... BUIL

Montis 29

„2014 20.00 Telephone (22.30 Itt INDUSTRIALS

Coment

12 12.20 3700 6'12.10

36

300

351%

(6.40 16.50 825 1.10.20 10.00 11.30 -000 @ 10:00

5.00:2009:10 PV

• kope BTOIUS, Dales?

Watson

COTTONS

Texte Corp

Nongank Vanglar Allied

2,00 17.78

6.00 0.00

in either contact to develop a MISCELLANEOUS particular reature, dealers sold, Futures:

sengon the average price, was Edles 524, contracts, 950,90 and the value of produc- Soybeans all was quoted at July

15% conta per lb, cocoanemut" all tion was $344,000,000.

The Crop Reporting Board we de 12% cemr por by cit said serenge in cultivation last West const Castor Bood was 1, the start of the 1955 quoted at 74 betta," "and" copira July lord futures closed person, How climated at war of 1177 por short ton c Dasas teday in conta per lbs or follows 17,000,000 acres, with 10 $28,000 Pacific court

, today in cents per l.' de follows:

Lond May

oln.

May

May

Juna

Copper May

14.875

Prices of 14.806

13.000.

May July

38.000

Chiengo, May B

12.37

- Deres being

harvested.

per acre on the

-United PruBS.

| acreage+now- Laker

pounds-United

ituroj comm

roactively for May and

Contract No. 4 (World)

per

Contract

0.43 2000 'SAS 1000 W 540

Exchange Rates

"VOLANÍTUDIE VAAż & done in the Iadal KARYOTELOINĂ », exchange market, tala

Rydonozár" rupiefik (per. 106) Blain tien) (per 100) Bingapura (štruita)

General Foods xd.

General Motors Gen. Pub. DAR. Glidden Co.

U.S. Steel

Warner Bros.

Westinghouse Electric

West Va. Pulp & Paper....

Ualled Prese.

Singapore Stock Market

Singapore, May 9. Brokers today

quoted the following stock prices:

Batu Lintang Rubber Co.

Lid.

Opening

$1.50

British Borneo

Petroleum

Syndicate

49/id

Consolidated

Tin Smelters

Ord.

20/34

Fraser & Neave Ltd Ord,

$1,07

Fraser & Neave 7 cm.

'pres...

39.70

Hongkong

Shanghal

Banking Corp.

Hongkong Thr Eid,

Kempas Ltd.

Lainos Rubber Estates Lid" Malayan Breweries... New Serandah Rubber

Itel 223 Potallig Tin Lid. Hanies Hotel

231

601

431%

Singapore Cold Storage South Brit

Ltd.

Straits Trading

Insurance Co.

28"| Btralts Steamcip

United Engineers -Ord." [Waazno - Bros.

d. 7-11, Chuo Mail Spec

some people trust to

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but there's a SURE. way

to make your dollars grow, World-Wide Trust yield exceeds 8%... TAX-FREE!

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ules known as

The American and Foreign Bank

28 BOULEVARD PASTEUR, TANDIER, MOROCCO

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